Staffing the efforts also presents an obstacle. “The major challenge has been allocation of labor hours to spend on GASB 34, as we did not have funding to hire additional staff,” said Paul A. Morrow, accounting supervisor for Medford, Ore.
High-tech tools can help public works professionals identify and valuate their assets. “The city of Reno used GIS [geographic information system] maps to identify all of the property zoning districts within the city limits,” said Lynette Hamilton, senior accountant for the city. “We also used our pavement management system to identify the total paved lane miles within the city limits; this information was then used to derive values for our streets.”
Fortunately, if you're behind the GASB 34 eight ball, there are a number of resources that offer information, assistance, and advice:
American Institute of Certified Public Accountants www.aicpa.org
Connecticut State Comptroller: www.osc.state.ct.us
Government State Accounting Board: www.gasb.org
New York State Society of CPAs: www.nysscpa.org
SmartPros Ltd.: http://accounting.smartpros.com